One of the issues addressed during a divorce is where to live once it is finalized. To make the right choice, Texas divorcees have to consider how they will be impacted financially, emotionally and practically.
Remaining in the family home is one option that may have particular appeal to people who have minor children. It allows the children and the parent to have a sense of constancy during a time in which many other aspects of their lives are changing. However, if this is the choice, people should carefully consider all of the costs associated with the home and whether they will be manageable with the adjusted income they expect to have. In many cases, staying in the home can be less expensive than becoming a renter or purchasing a new home.
Divorced spouses may opt to have both their names remain on the deed and mortgage, but they should consider the ramifications of attaching oneself financially to an ex-spouse. If an agreement is made to transfer ownership, all tax and financial implications of doing so should be carefully reviewed.
Some divorcees may want to buy a new home and begin building equity in their own name. However, they should keep in mind about the various costs that come with purchasing a new home. This may include renovations, new furniture, down payments, and closing costs. The cash needed for these items may not be available if divorce negotiations last longer than expected. People who are facing these types of decisions might want to meet with their family law attorneys and get their opinion.